Ethereum price is consolidating gains in the $2,440 zone. ETH is correcting its uptrend, but bulls could remain active near the $2,300 and $2,240 support levels.
- Ethereum is correcting gains and trading below the $2,400 level.
- The price is trading above $2,320 and the 100-hour simple moving average.
- The hourly chart of ETH/USD (data feed via Kraken) shows a bullish flag forming with resistance near $2,360.
- A close above the $2,400 level could trigger a fresh increase for the pair.
Ethereum price remains supported
Ethereum price rose above the $2,320 resistance level. ETH even broke through the $2,400 level before a downward trend took place. Like Bitcoin, the price reached a high near $2,441 before beginning a downward correction.
There was movement below the $2,400 and $2,380 levels. The price moved lower and tested the 50% Fib retracement level of the bullish wave from the $2,180 swing low to the $2,441 high. The bulls appear to be active near the $2,320 support zone.
Ethereum is currently trading above $2,320 and the 100-hour simple moving average. On the other hand, the price is finding resistance near $2,360. There is also a bullish flag with resistance forming near $2,360 on the hourly chart of ETH/USD.
Source: ETHUSD on TradingView.com
The first major resistance is currently near $2,400. If the price closes above the $2,400 resistance, the price may head towards $2,440. The next major resistance is near $2,500. Once we get clear above the $2,500 area, another hike could begin. The next resistance level is $2,620, above which Ethereum could test the $2,750 area.
Will there be more losses in ETH?
If Ethereum fails to clear the $2,400 resistance, it may continue to fall. Initial support on the downside is near the $2,320 level and the 100-hourly SMA.
The first major support could be the $2,240 zone or the 76.4% Fib retracement level of the upward wave from the $2,180 swing low to the $2,441 high. A break below and a close below $2,240 could start another big decline. If noted, Ether could test the $2,165 support. Any more losses could push the price down to the $2,120 level.
technical indicators
Hourly MACD – ETH/USD MACD is losing momentum in the bullish zone.
RSI per hour – The RSI for ETH/USD is now close to the 50 level.
Key Support Level – $2,320
Key Resistance Level – $2,400
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